MANILA, Philippines — The Philippine Stock Exchange Index (PSEi) snapped a five-day losing streak on Wednesday, climbing 0.7 percent as investors scooped up undervalued stocks amid mixed global cues.
The benchmark index rose by 41.10 points to close at 5,907.89. The rebound came despite the peso hitting a fresh record low against the US dollar and crude oil prices testing recent highs.
"Investor sentiment improved after the UAE's decision to exit OPEC raised expectations of lower global fuel prices," said Luis Limlingan, head of sales at Regina Capital Development Corp. "This eased inflation concerns and provided near-term support for equities."
Trading remained active, with net value turnover reaching P6.61 billion, slightly above the year-to-date average of P6.4 billion.
Foreign investors returned as net buyers, recording P279.59 million in inflows after 12 consecutive sessions of net selling. Philstocks Financial attributed the market's climb to bargain hunting following recent declines.
Sectoral performance was mixed. Services led with a 1.33 percent gain, while properties slipped 0.08 percent. Market breadth was positive, with 105 advancers against 78 decliners.
Among index members, ACEN Corp. was the top gainer, surging 4.14 percent to P2.77. China Banking Corp. was the biggest laggard, falling 5.95 percent to P60.10.
Analysts cautioned that the index remained below key resistance levels, signaling lingering investor caution as they continue to assess broader market conditions.